UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 48,510 Shares of Otter Tail Corporation $OTTR

Key Points

• UBS Asset Management reduced its Otter Tail stake by 51.3% in the second quarter, selling 48,510 shares and retaining 46,061 shares valued at approximately $4.15 million. Institutional investors collectively own 61.32% of the company.
• Analyst sentiment remains cautious: four analysts rate Otter Tail “Hold” and one rates it “Sell,” producing a MarketBeat consensus rating of “Reduce” and an average price target of $86.
• Otter Tail exceeded quarterly expectations, reporting $1.66 in EPS versus the $1.51 consensus and revenue of $334.38 million. The company also declared a quarterly dividend of $0.5775 per share, representing a 2.6% annualized yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 51.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,061 shares of the utilities provider's stock after selling 48,510 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.11% of Otter Tail worth $4,145,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Royal Bank of Canada increased its stake in shares of Otter Tail by 2.5% in the 1st quarter. Royal Bank of Canada now owns 116,479 shares of the utilities provider's stock valued at $9,361,000 after acquiring an additional 2,807 shares in the last quarter. AQR Capital Management LLC boosted its stake in Otter Tail by 26.9% during the first quarter. AQR Capital Management LLC now owns 22,709 shares of the utilities provider's stock worth $1,825,000 after acquiring an additional 4,815 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Otter Tail by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,611 shares of the utilities provider's stock worth $1,978,000 after purchasing an additional 1,067 shares during the period. United Services Automobile Association acquired a new stake in Otter Tail in the first quarter worth $223,000. Finally, Jane Street Group LLC increased its stake in Otter Tail by 190.8% in the first quarter. Jane Street Group LLC now owns 54,112 shares of the utilities provider's stock valued at $4,349,000 after purchasing an additional 35,505 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OTTR has been the topic of a number of research analyst reports. UBS Group reissued a "reduce" rating on shares of Otter Tail in a research report on Friday, May 29th. Zacks Research lowered Otter Tail from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Weiss Ratings downgraded Otter Tail from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Finally, KeyCorp reiterated a "sector weight" rating on shares of Otter Tail in a report on Monday, June 1st. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $86.00.

Otter Tail Stock Performance

OTTR opened at $89.57 on Thursday. The company has a current ratio of 1.71, a quick ratio of 1.36 and a debt-to-equity ratio of 0.60. The company's fifty day moving average price is $91.23 and its two-hundred day moving average price is $88.98. Otter Tail Corporation has a 1-year low of $74.15 and a 1-year high of $95.09. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 19.30 and a beta of 0.44.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.51 by $0.15. The firm had revenue of $334.38 million during the quarter, compared to analysts' expectations of $326.13 million. Otter Tail had a net margin of 14.83% and a return on equity of 14.56%. The business's revenue was up .4% on a year-over-year basis. During the same period last year, the company earned $1.85 earnings per share. On average, analysts expect that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.5775 per share. The ex-dividend date is Friday, August 14th. This represents a $2.31 dividend on an annualized basis and a yield of 2.6%. Otter Tail's payout ratio is 49.78%.

Otter Tail Company Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company's service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.

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